Flagler Station nears 1 msf in total leasing

CORAL GABLES - Flagler Development Group, a wholly-owned commercial real estate subsidiary of Fortress Investment Group LLC, recently announced the company has secured a 240,000sf lease at Flagler Station, South Florida’s largest business park.

The 10-year lease signed by a Fortune 500 company ranks as the largest in Miami Dade Airport West submarket and brings Flagler’s total annual lease transactions for the center to nearly 1 msf.

The deal was secured by Flagler Development’s Rafael Romero, vice president, and Stuart Gordon, SIOR, senior leasing director. Jones Lang LaSalle brokers Trevor Ragsdale, Michael Burns, Ed Lyden and Wayne Schuchts represented the tenant in its search for a site that would also provide the ability for the company to expand an additional 210,000sf.

A new 328,000sf office/industrial building is currently being constructed in Flagler Station to accommodate the new tenant and will feature 30-foot clear ceilings, the first of its kind at the business park, and 280-feet-deep with ESFR fire protection system.

“Flagler Station continues to outperform despite the tight economy and increased competition in Miami-Dade’s fast-growing Airport West market,” noted Flagler president and CEO Jose Hevia.

“The business park has also been the backdrop for some of Florida’s largest office and industrial deals, including our newest 240,000sf industrial lease with a Midwest-based Fortune 500 company, which represented Florida’s second-largest industrial deal in 2008.”

Other noteworthy transactions of 2008 at Flagler Station include:

• FedEx Ground Package System Inc. increased the amount of square footage the company leases in Flagler Station by 50,424sf of industrial space, bringing its total to 160,000sf.

• Makita Latin America, an international manufacturer of professional power tools, extended and expanded its lease at Flagler Station from 24,866sf to 56,224sf of industrial space. The company has been at Flagler Station since 2003.

• Kuehne & Nagel, one of the world’s leading logistics and supply-chain management companies, renewed its lease of 123,000sf of industrial/office space at Flagler Station. The company has been a tenant in the park since 2000.

• Entenmann’s Sales renewed its 25,000sf lease of industrial/office space at Flagler Station. The company has been a tenant in the park since 2003.